Henderson has opted to reopen two Alternative Ucits funds run by a pair of star managers shortly after opting to wind up one of the European equity funds run by veteran John Bennett.
In an announcement to shareholders, Henderson said it would be reopening the Henderson UK Absolute Return Fund and the Henderson Gartmore UK Absolute Return SICAV which were soft-closed in November 2011.
The reopening follows shortly after Henderson announced it had closed a fund run by John Bennett due to it falling below a workable level of investment. This is also intended to allow Bennett to focus more greatly on the Henderson HF Pan European Alpha fund.
Henderson has sought to stem flows into the two long/short funds run by Citywire Alternative Ucits A-rated duo Luke Newman (pictured) and Ben Wallace by adding an increased initial charge on initial investments.
However, as of June 3, these charges will be removed as the two funds have moved down from their maximum capacity in the intervening period.
Upon reopening the Henderson UK Absolute Return fund has €192 million in assets under management, while the Henderson Gartmore UK Absolute Return SICAV had €203 million.
Commenting on the reopening of their two funds, Ben Wallace said: ‘There’s no doubting demand for absolute return products is growing.’
‘Market conditions have improved, as individual stock dispersion increased. This has allowed us to successfully put more of our investors’ capital to work in both the core and tactical books within the strategy.’
The Henderson Gartmore UK Absolute Return fund returned 13.62% in the three years to the end of April 2013. This compares to the average manager in the Citywire Alternative Ucits Long/Short Equity Sector, who returned 11.82% over this period.
Meanwhile, the Henderson UK Absolute Return GBP R Acc returned 12.7% over the three years to the end of April 2013. This is while its Citywire benchmark, the FTSE 100 TR, rose 28.88%.